WHEN A BELL RINGS BERNANKE BAILS OUT ANOTHER BANKER

15 comments

Posted on 30th November 2011 by Administrator in Economy |Politics |Social Issues

Peter Schiff with some good advice. Today was a blatant example of bankers bailing out bankers and politicians cheering them on. But, the American public is too worried about the X-Factor to realize that Bernanke just screwed them again.

15 Comments

  1. Muck About says:

    Crap…. I hate listening to commercials.

    Two, maybe three days and Schiff will have had time to sit down and work out what’s going on – so will Karl Denninger and a number of other sharp cookies and _then_ we’ll get some good information.

    Besides, he too late. I doubled my PM holdings this morning and doubled my defensive stock holdings of PHYS and PRPFX and a couple others. The reason I did this in spite of hating the volatility is that the physical stuff is lock-and-forget and the two stocks are as close to that as I can find in the market. I don’t trade those two and if you’ll look at a long term chart of PRPFX you’ll see why.

    No miners yet, although I probably will get buy signals on XAU or GDX this evening when I look at the closing data later.

    Even if I get a buy on the miners, I will not execute more than a small trading position at this point. For the next who-knows-how-long things are going to _continue_ to be awfully volatile (call a 400+ point day on the DOW calm? Not in my book!) and I hate to get caught in whip-saws where your up one day and X2 down the next, then back in the black on the third day.

    Too hard on an old man’s nerves, so I’ll hang out on the sidelines a little longer as far as the miners are concerned.

    I just got my quotes via email so I will go away for a while and be back with an update.. Check back in a few..

    MA

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    30th November 2011 at 9:15 pm

  2. Muck About says:

    Ok….. A quick review run through the MRO Trading System shows a short term BUY on XAU (index – can’t be traded), GDX (gold miners ETF, tradable) and both of them gapped up significantly.

    Every gold and silver miner stock I follow gave a short term BUY and gapped up. PHYS and PRPFX also gapped up.

    Depending on the strength of the opening tomorrow, I will be opening _very_ _modest_ positions in GDX, GDXJ and SIL or SLV depending on how things look. I also have a list of individual miners but will not be taking a position in any single miner until we see if the gap up holds for a while. You can make more trading individual miners than the ETF’s but you also risk more.

    With this total fuckup going on financially between the Fed and European Central Banks, I am playing to minimize risk (as much as possible) and that means ETFs until the smoke thins a bit or I see fire behind it!

    Be very careful guys and girls, for out there monsters lie in wait and will eat far more than your lunch if you are not cautious to an extreme. Good luck..

    MA

    Like or Dislike: Thumb up 4 Thumb down 0

    30th November 2011 at 9:32 pm

  3. Administrator says:

    Muck

    I already own GDXJ. Let me know when to sell.

    Like or Dislike: Thumb up 2 Thumb down 0

    30th November 2011 at 9:37 pm

  4. Colma Rising says:

    Yeah, I ain’t buying shit because I have to pay tuition tomorrow.

    20% raise for administration.

    10% tuition hike…

    I might have to skip class and go to the protest tonight.

    It feels like my ship is sailing in slow motion.

    Like or Dislike: Thumb up 4 Thumb down 0

    30th November 2011 at 9:51 pm

  5. Muck About says:

    Admin: Sell? You want to trade the bumps or longer term?

    MA

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    30th November 2011 at 10:00 pm

  6. crazyivan says:

    Muck,

    You are a fool.

    Do you really think that you will be able to dump all that paper in time.

    Me thinks not.

    There will be no warning.

    Like or Dislike: Thumb up 4 Thumb down 0

    30th November 2011 at 10:09 pm

  7. Petey says:

    Colma

    Have you seen what University Admins make? Mid 6 figures for shuffling papers and giving speeches, etc.

    Too bad your professor working in and running an oncology or nanotechnology/medical instrumentation lab barely breaks $100k even at top universities.

    Like or Dislike: Thumb up 3 Thumb down 0

    30th November 2011 at 10:12 pm

  8. Dragline says:

    Well, I can see why he did not do so well in his political campaign. Should call him “Peter Stiff”. He’s right though — this is a bank prop-up.

    As Jesse points out, the best time to buy gold is generally both “now” and right around the time when the options contracts expire every month. Works like clockwork.

    He sounds kind of desperate with the shilling at the end. Oh, well — he should have started his own PHYS fund.

    Like or Dislike: Thumb up 2 Thumb down 0

    30th November 2011 at 10:13 pm

  9. Muck About says:

    Ivan: Dump what paper? You talking stocks? Never happen cause that’s where the 1% has their money stored. Bank holiday? Sure. Shut down the stock market? Never happen.. Might change the rules when things get panic stricken, but closed? Nah.. They might suspend trading or some such which usually results in even more volatility when they reopen it but too many of the 1% loose their ass if they lock the doors and stop everything.

    Go read “When Money Dies” and see what happens to _everything_ when hyperinflation takes a swing at you. Then you’ll understand..

    MA

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    30th November 2011 at 10:15 pm

  10. Petey says:

    Muck is right. Stocks aren’t a bad play in a hyperinflation scenario.

    Like or Dislike: Thumb up 1 Thumb down 0

    30th November 2011 at 10:17 pm

  11. Muck About says:

    Dragline: Don’t sell Schiff short.. He’s one of a dozen or so that has the moxie to figure out far more unintended consequences of government stupidity than thee and I!

    He just happens to be in the Investment Management and PM sales business and a little bit of shilling is to be expected. I respect his views, regardless. I know for a fact that he puts his own money where his mouth is.

    Note to Crazy Ivan: Before the time things are gone to the point where the markets are totally dysfunctional, I will be out of them. Into what, you ask? Shit I don’t know, beer, booze, ammo – I hope I’m dead before I have to make those decisions but I’m beginning to wonder if events will interrupt my otherwise peaceful retirement!

    MA

    Like or Dislike: Thumb up 4 Thumb down 0

    30th November 2011 at 10:21 pm

  12. crazyivan says:

    Muck,

    “Note to Crazy Ivan: Before the time things are gone to the point where the markets are totally dysfunctional, I will be out of them.”

    That’s what they all say.

    I have always liked you. You are reasonable and smart.

    But that does not preclude you from foolish faith.

    My brother had a commodities trading account via MF Global that was essentially siezed.
    No recourse.

    This week they gave him 50% of his reserve account back, credited to a differant brokerage firm.

    Hallifuckinyoulah!

    Maybe you got your finger on the pulse better than my brother (no doubt), but did you see that one coming?

    We’re not in Kansas anymore.

    Like or Dislike: Thumb up 4 Thumb down 0

    30th November 2011 at 10:57 pm

  13. Colma Rising says:

    Petey:

    AES!!!

    Its probably better I miss the ship… every time I feel like I am, I don’t regret it later.

    I have my core assets and contingency. Fuck it.

    Like or Dislike: Thumb up 3 Thumb down 0

    30th November 2011 at 11:01 pm

  14. Administrator says:

    Muck

    GDXJ is a trade. I put in a stink bid at $26 in Sept. It got filled on the October 3 market plunge.

    I’m holding CEF as a long term investment.

    Like or Dislike: Thumb up 1 Thumb down 0

    30th November 2011 at 7:44 am

  15. Administrator says:

    Petey

    I don’t know about other Universities, but the top administrators at one of the best business schools in the world make less than a Junior VP on Wall Street.

    Like or Dislike: Thumb up 0 Thumb down 1

    30th November 2011 at 7:46 am

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